No one looks forward to tax season. It means gathering receipts, paperwork, and income records to calculate federal, state, and local tax payments. However, a good tax preparer or CPA may find enough tax credits, such as a Houston tax credit, to offset some tax liabilities.
Common Tax Credits
While every taxpayer or business doesn’t qualify for all of the same tax credits, there are some common ones they will be able to claim. The common tax credits that most people know about are from the federal government. Those credits include:
- Earned Income Tax Credit
- Child Tax Credit
- Adoption Credit
- Residential Energy Credit
Business tax credits include:
- Work Opportunity Credit
- Employer Provided Childcare Facilities and Services Credit
- Small Employer Health Insurance Premiums Credit
Local governments also provide some tax credits if they require you to file local taxes. For instance, a Houston tax credit that some people can take is a nine percent housing tax credit that helps to preserve affordable rental housing in Houston.
Seeking Help to Claim Credits
Taxpayers and businesses who are unsure whether they can claim a credit should obtain a tax attorney, CPA, or an experienced tax preparer. Firms such as Business Name can help businesses figure out which credits, such as a Houston tax credit, they qualify for to reduce their taxes.
Before hiring a company to help with business or personal taxes, look up their reputations, check for professional credentials, and licensure if they are a CPA or tax attorney.
